I'd like to offer a secondThis answer that explains howwill attempt to determine this on your own.answer the question at multiple levels, as follows:
- Section I explains the basics of how to calculate this yourself.
- Section II provides updated calculations based on Section I.
- Section III provides an abstracted way to determine this based only on the total network hashrate and the total number of coins in circulation.
Enjoy :)
I. Explaining how to determine this on your own:
EDIT, 14 March 2017: Since this answer seems so popular, I thought I should bring it more up-to-date! So we have:
II. 20 June 2017 Update to Section 1:
- Hashrate: ~62~87.04 MH/s
- Reward: ~8~7.322 XMR/block (including fees)
n = 6200000087400000 / (720 * 87.32)
n = 1037416812 H/s, or 1016.3781 kH/s to mine 1 XMR per day.
You would need approximately 4267 GTX 750 Ti's at 250 H/s each, OR approximately 1828 RX 470's at 600 H/s each, OR approximately 1422 RX 480's at 750 H/s each.
III. 20 June 2017 addition abstracting calculation further:
A more general formula can be developed that calculates the Average Block Reward used above from the total coins in circulation.
The base block reward is calculated by
Reward = (M - A) * 2^(-19) * 10^(-12)
where M = 2^64
and A
is the current amount of XMR in circulation (in terms of atomic units, where 1 XMR = 10^12 atomic units). We can reduce this for ease of use to be as follows:
Reward = (18446744.073709551616 - a) * 2^(-19)
where a = A * 10^(-12)
and represents XMR "coins" in circulation as we traditionally think of them.
From this formula, it should be clear that the base reward for each block is progressively decreasing. However, we can consider it roughly constant in the short term for our purposes here, as over a 720 block period (one day) the reward drops ~0.01 XMR at today's rate. Therefore, we can substitute this Reward value as an approximation of the Avg Block Reward over a relatively short period with an error of much less than 1%. Combining our two formulas:
n = (Network Hashrate) / (720 * Avg Block Reward)
and
Reward = (18446744.073709551616 - Coins in Circulation) * 2^(-19)
and reducing gives
n = (Network Hashrate * 2^19) / (720 * (18446744.073709551616 - Coins in Circulation))
or more simply
n = (728 * Network Hashrate) / (18446744.073709551616 - Coins in Circulation)
According to https://www.monero.how/ at the current block height of 1336863,
- The network hashrate is 87.4 MH/s or 87400 kH/s
- There are 14658448 total coins in circulation
Substituting these values into our formula
n = (728 * 87400) / (18446744.073709551616 - 14658448) [kH/s]
and noting that n
is in kH/s, we would need 16.796 kH/s of hashing power to mine 1 XMR today.
Note: This calculation does not include fees, so you should actually mine slightly more than 1 XMR today with that hashrate. But you will have to pay pool fees, account for variance, etc, so it's a fairly good approximation still.
TL;DR - Use one of these formulas:
n = (Network Hashrate) / (720 * Avg Block Reward)
or
n = (728 * Network Hashrate) / (18446744.073709551616 - Coins in Circulation)